89bio, Inc. (NASDAQ:ETNB) Receives $30.33 Average Target Price from Brokerages

Shares of 89bio, Inc. (NASDAQ:ETNB) have been assigned a consensus recommendation of “Moderate Buy” from the seven analysts that are presently covering the stock, MarketBeat reports. Two equities research analysts have rated the stock with a hold recommendation, four have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $30.33.

A number of research firms have issued reports on ETNB. Cantor Fitzgerald reiterated an “overweight” rating and issued a $29.00 target price on shares of 89bio in a research note on Thursday, January 2nd. HC Wainwright reiterated a “buy” rating and issued a $29.00 target price on shares of 89bio in a research note on Tuesday, January 21st. Raymond James upgraded shares of 89bio to a “strong-buy” rating in a research note on Thursday, December 12th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of 89bio in a research note on Saturday, January 18th.

Insider Transactions at 89bio

In related news, CEO Rohan Palekar bought 5,000 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The stock was purchased at an average cost of $7.89 per share, for a total transaction of $39,450.00. Following the purchase, the chief executive officer now directly owns 471,236 shares in the company, valued at $3,718,052.04. This trade represents a 1.07 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Quoc Le-Nguyen sold 10,963 shares of the company’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $6.49, for a total transaction of $71,149.87. Following the transaction, the insider now owns 271,833 shares of the company’s stock, valued at approximately $1,764,196.17. The trade was a 3.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders bought 30,000 shares of company stock worth $235,700. 2.80% of the stock is owned by insiders.

Hedge Funds Weigh In On 89bio

Several large investors have recently bought and sold shares of ETNB. Northwestern Mutual Wealth Management Co. acquired a new position in 89bio during the 2nd quarter valued at $66,000. Kingswood Wealth Advisors LLC acquired a new position in 89bio during the 4th quarter valued at $86,000. China Universal Asset Management Co. Ltd. increased its holdings in 89bio by 76.2% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 20,370 shares of the company’s stock valued at $151,000 after buying an additional 8,810 shares during the period. Intech Investment Management LLC bought a new stake in 89bio in the 3rd quarter valued at $160,000. Finally, Quest Partners LLC increased its holdings in 89bio by 172.1% in the 3rd quarter. Quest Partners LLC now owns 22,074 shares of the company’s stock valued at $163,000 after buying an additional 13,961 shares during the period.

89bio Stock Performance

Shares of ETNB opened at $9.01 on Friday. The company’s 50 day moving average price is $7.76 and its 200 day moving average price is $8.18. 89bio has a 52 week low of $5.99 and a 52 week high of $16.63. The company has a market capitalization of $956.23 million, a PE ratio of -3.10 and a beta of 1.14. The company has a debt-to-equity ratio of 0.09, a quick ratio of 11.66 and a current ratio of 11.66.

89bio Company Profile

89bio, Inc, a clinical-stage biopharmaceutical company, focuses on the development and commercialization of therapies for the treatment of liver and cardio-metabolic diseases. Its lead product candidate is pegozafermin, a glycoPEGylated analog of fibroblast growth factor 21 for the treatment of nonalcoholic steatohepatitis; and for the treatment of severe hypertriglyceridemia.